bitcoin:federatedmarket
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bitcoin:federatedmarket [2011/08/05 18:06] – donpdonp | bitcoin:federatedmarket [2024/01/31 04:08] (current) – external edit 127.0.0.1 | ||
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===== Bid/Ask Federation ===== | ===== Bid/Ask Federation ===== | ||
- | A distributed database(ala gnutella) | + | A distributed database of asks/bids. An ask or bid offer is created, signed, and communicated into a telehash network. |
- | Queries are generated locally | + | Clients can subscribe to a telehash channel |
- | con: High latency | + | Another service to take query requests |
- | ===== Escrow Service | + | basic distinction: |
- | ==== Plan A ==== | + | ===== Escrow Service (ES) ===== |
- | + | ||
- | Client A visits ES home page. \\ | + | |
- | Client A provides: BTC amount description, | + | |
- | ES provides: deal ID, bitcoin receiving address | + | |
- | Client A communicates | + | One party visits ES home page to define a deal. (Deal State: Defining) \\ |
+ | The party provides: BTC amount description, | ||
+ | ES provides: | ||
- | Client B visits ES deal url \\ | + | Party A communicates |
- | Client | + | |
- | ES provides: a dwolla receiving address. | + | |
- | ES waits to receive BTC and USD. | + | Party A visits |
+ | Party A confirms amounts by providing A's dwolla receiving address \\ | ||
+ | ES provides: ES's bitcoin receiving address | ||
+ | Party B visits ES deal url. \\ | ||
+ | Party B confirms amounts by providing B's bitcoin receiving address. \\ | ||
+ | ES provides: ES's dwolla receiving address. | ||
- | ==== Finally ==== | + | ES waits to receive BTC and USD. (Deal State: Collection) |
Client A sends BTC through bitcoin client. \\ | Client A sends BTC through bitcoin client. \\ | ||
Client B sends USD through dwolla. | Client B sends USD through dwolla. | ||
+ | (Deal State: Dispursement) | ||
ES skims a transaction fee from BTC and/or USD. \\ | ES skims a transaction fee from BTC and/or USD. \\ | ||
ES sends remaining amount of BTC to client B and USD to client A. | ES sends remaining amount of BTC to client B and USD to client A. | ||
+ | ES deal URL shows history of the deal. | ||
bitcoin/federatedmarket.1312567598.txt.gz · Last modified: 2024/01/31 04:08 (external edit)